Company Overview - Gray Media has appointed Eric Walters as the General Manager of KNOE and KAQY-LD, effective September 1, 2025 [1] - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., reaching approximately 37% of U.S. television households [6] Eric Walters' Background - Eric Walters is currently the General Manager of KMVT (CBS) and KSVT-LD (FOX) in Twin Falls, Idaho, where he successfully increased ratings and digital content [3] - Previously, he served as the News Director of WDBJ (CBS) and WZBJ-LD (MyNetwork) in Roanoke, Virginia, achieving significant ratings growth and winning multiple awards [4] - Before joining Gray in 2020, he was the news director for CBS affiliate WBTW in Myrtle Beach, South Carolina, and was named News Director of the Year in 2019 [5] Gray Media's Market Position - Gray Media operates in 113 television markets, with 78 markets having the top-rated television station and 99 markets with the first or second highest-rated station in 2024 [6] - The company also has the largest Telemundo Affiliate group, covering 44 markets [6]

Group 1: Value Stocks Performance - Value stocks have underperformed growth peers in recent quarters, potentially making some companies in the value category more attractive due to deeper discounts relative to intrinsic value [1] - Current market volatility and economic uncertainty may present a favorable opportunity for long-term investors in value stocks [2] Group 2: Tsakos Energy Navigation (TEN) - Tsakos Energy Navigation Ltd. provides sea-based crude oil and petroleum transportation services, with a current stock price of $19.44 and a dividend yield of 6.17% [2][4] - The company reported mixed earnings for Q1, with EPS exceeding analyst predictions but revenue falling short by approximately $0.5 million; however, it has a significant backlog of $3.7 billion with an average contract duration of over 12 years [2][3] - Tsakos is on track to sell six older vessels by year-end, following the sale of 14 vessels, which will free up about $100 million for new builds and dividends [3] - The stock's P/E ratio of 4.5 is substantially lower than the transportation sector average of 13.1, indicating potential undervaluation despite a 12% increase in shares this year [4] Group 3: Gray Media (GTN) - Gray Media Inc. operates in television broadcasting and has recently engaged in a station swap with The E.W. Scripps Co., which is expected to enhance growth by creating a duopoly in certain markets [5] - The company refinanced $700 million in debt, extending maturities to 2032, alleviating near-term financial pressure [6] - GTN shares have surged by approximately 58% YTD, but with a P/E ratio of 2.3 compared to the sector average of 21.6, it may still be considered a value play [7] Group 4: NCR Voyix (VYX) - NCR Voyix Corp. specializes in digital commerce technology, reporting a 13% year-over-year revenue decline in Q1, yet still outperforming analyst expectations [9][10] - The company's annual recurring revenue (ARR) now constitutes two-thirds of total sales, indicating a positive shift towards a subscription model with the upcoming launch of its cloud-native Voyage Commerce Platform [10] - VYX shares have increased by about 9% YTD, supported by stock repurchase actions potentially totaling $200 million, while maintaining an attractive price-to-sales ratio of 0.71 [11]

Company Performance - Gray Media's stock was down 3.31% at $4.97, underperforming the S&P 500's daily gain of 0.4% [1] - Over the previous month, Gray Media's shares gained 12.97%, outperforming the Consumer Discretionary sector's gain of 2.16% and the S&P 500's gain of 4.61% [1] Earnings Forecast - Gray Media is scheduled to release its earnings on August 8, 2025, with an expected EPS of -$0.34, indicating a 477.78% decline compared to the same quarter last year [2] - For the entire year, Zacks Consensus Estimates forecast an EPS of -$0.72 and revenue of $3.15 billion, reflecting changes of -121.43% and -13.67% respectively compared to the previous year [3] Analyst Revisions and Rankings - Recent revisions to analyst forecasts for Gray Media are important as they reflect near-term business trends, with positive revisions indicating analyst optimism [3] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently ranks Gray Media at 3 (Hold) [5] - The Zacks Rank has a track record of superior performance, with 1 stocks contributing an average annual return of +25% since 1988 [5] Industry Context - The Broadcast Radio and Television industry, part of the Consumer Discretionary sector, holds a Zacks Industry Rank of 153, placing it in the bottom 39% of over 250 industries [6] - The Zacks Industry Rank measures the strength of industry groups by the average Zacks Rank of individual stocks, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [6]

Core Points - Gray Media, Inc. has completed an offering of $775 million in 7.250% senior secured first lien notes due 2033, issued at par [1] - The net proceeds from the notes will be used to repay portions of existing term loans and revolving credit facility, as well as for general corporate purposes [2][6] - The notes are guaranteed by existing and future restricted subsidiaries of Gray, with interest payable semiannually starting February 15, 2026, and maturing on August 15, 2033 [3] Financial Details - $630 million of Term Loan D has been repaid, leaving a balance of $739 million - $80 million of Term Loan F has been repaid, leaving a balance of $10 million - All $50 million outstanding under the Revolving Credit Facility has been repaid, leaving $750 million of undrawn availability [6]

Company Performance - Gray Media's stock closed at $5.14, reflecting a -3.2% change from the previous day, which is less than the S&P 500's daily gain of 0.07% [1] - Prior to the recent trading session, Gray Media shares had increased by 17.48%, outperforming the Consumer Discretionary sector's gain of 4.6% and the S&P 500's gain of 5.71% [1] Upcoming Earnings - Gray Media is set to announce its earnings on August 8, 2025, with an anticipated EPS of -$0.34, representing a significant 477.78% decline compared to the same quarter of the previous year [2] - For the entire fiscal year, Zacks Consensus Estimates predict an EPS of -$0.72 and revenue of $3.15 billion, indicating changes of -121.43% and -13.67% respectively from the prior year [3] Analyst Estimates and Rankings - Recent changes in analyst estimates for Gray Media suggest a favorable outlook on the company's business health and profitability [3] - The Zacks Rank system currently rates Gray Media as 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [5] Industry Context - The Broadcast Radio and Television industry, which includes Gray Media, is part of the Consumer Discretionary sector and currently holds a Zacks Industry Rank of 170, placing it in the bottom 32% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Insights - Gray Media announced the hiring of Anna Werner, an award-winning investigative reporter, to join InvestigateTV, effective August 18, 2025, bringing over 25 years of experience in investigative journalism [1][3]. Group 1: Anna Werner's Background and Achievements - Anna Werner has a distinguished career covering consumer protection and corporate misconduct, with notable investigations leading to significant outcomes such as the largest tire recall in the U.S. and the shutdown of a major transplant program [3][4]. - Her work has garnered numerous accolades, including 33 Emmy Awards and multiple prestigious journalism awards, highlighting her impact in the field [3][4]. Group 2: InvestigateTV and Gray Media - InvestigateTV is a national investigative unit that features reporting on various critical issues, including aviation safety and dangerous products sold online, and has received several national awards for its impactful journalism [7]. - Gray Media, headquartered in Atlanta, is the largest owner of top-rated local television stations in the U.S., reaching approximately 37% of U.S. television households, and is committed to producing meaningful stories that drive change [8].

Core Viewpoint - Analyst recommendations play a significant role in influencing stock prices, but their reliability is questionable, particularly for Gray Media (GTN) [1][5]. Brokerage Recommendations - Gray Media has an average brokerage recommendation (ABR) of 1.80, indicating a position between Strong Buy and Buy, with 60% of the recommendations being Strong Buy from five brokerage firms [2][5]. - Despite the positive ABR, relying solely on this information for investment decisions may not be advisable, as studies show brokerage recommendations often fail to guide investors effectively [5][10]. Analyst Bias - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, with a ratio of five "Strong Buy" recommendations for every "Strong Sell" [6][10]. - This bias suggests that the interests of brokerage firms may not align with those of retail investors, limiting the insights into future stock price movements [7][10]. Zacks Rank Comparison - The Zacks Rank, a proprietary stock rating tool, is presented on a scale from 1 to 5 and is based on earnings estimate revisions, making it a more reliable indicator of near-term price performance compared to ABR [8][9]. - The Zacks Rank is updated more frequently and reflects timely changes in earnings estimates, unlike the potentially outdated ABR [12]. Earnings Estimates for Gray Media - The Zacks Consensus Estimate for Gray Media remains unchanged at -$0.72, indicating steady analyst views on the company's earnings prospects [13]. - The unchanged consensus estimate has led to a Zacks Rank of 3 (Hold) for Gray Media, suggesting caution despite the Buy-equivalent ABR [14].

Core Points - Gray Media, Inc. announced a private offering of $775 million in senior secured first lien notes with a 7.250% interest rate due in 2033, an increase of $75 million from the previously announced amount [1] - The offering is expected to close on July 25, 2025, subject to customary closing conditions [1] Use of Proceeds - The proceeds from the notes will be used to repay portions of Gray's term loans D and F, repay outstanding indebtedness under its revolving credit facility, cover fees and expenses related to the offering, and for general corporate purposes [2] Guarantees - The notes will be guaranteed on a senior secured first lien basis by existing and future restricted subsidiaries of Gray that guarantee its existing senior credit facility [3] Offering Restrictions - The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S of the Securities Act, and will not be registered under the Securities Act [4]

Core Viewpoint - Gray Media, Inc. plans to offer up to $700 million in senior secured first lien notes due 2033, contingent on market conditions [1] Group 1: Offering Details - The offering will be exempt from the registration requirements of the Securities Act of 1933 [1] - The net proceeds will be used to repay portions of term loan D due December 1, 2028, and term loan F due June 4, 2029 [2] - The notes will be guaranteed on a senior secured first lien basis by existing and future restricted subsidiaries of Gray [2] Group 2: Regulatory Information - The notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S [3] - The notes have not been registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an applicable exemption [3] Group 3: Contact Information - For inquiries, Gray's Executive Vice President and Chief Financial Officer, Jeffrey R. Gignac, can be contacted at 404-504-9828 [6] - Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, is also available at 404-266-8333 [6]

Core Insights - Gray Media, Inc. has increased its revolving credit facility commitments by $50 million, bringing the total to $750 million, and extended the maturity date to December 1, 2028 [1][2] - The company has $700 million of undrawn availability under the revolving credit facility after repaying $402.5 million of its term loan F with proceeds from a $900 million offering of senior secured second lien notes [2] - Gray Media is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households, with a significant portfolio of top-rated stations [3] Financial Details - The company’s revolving credit facility now totals $750 million, with a maturity extension to December 1, 2028 [1] - Following the repayment of $402.5 million of Term Loan F, the outstanding balance is now $90 million [2] - The company has raised $900 million through the issuance of 9.625% senior secured second lien notes due 2032 [2] Company Overview - Gray Media, Inc. operates in 113 television markets and owns the largest Telemundo Affiliate group with 44 markets [3] - The company also includes Gray Digital Media, which provides advanced digital marketing strategies [3] - Additional media properties include video production companies and studio production facilities [3]